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Xerox ditches Fujifilm; Trump's ZTE U-turn; Crypto trade

1. Xerox walks away: Xerox is pulling out of a multibillion-dollar deal to be taken over by Japan's ...

Posted: May 14, 2018 10:19 AM
Updated: May 14, 2018 10:19 AM

1. Xerox walks away: Xerox is pulling out of a multibillion-dollar deal to be taken over by Japan's Fujifilm.

The US printer and copier company announced the move in a statement late Sunday, saying it had reached a new agreement with activist investors Carl Icahn and Darwin Deason, who had bitterly opposed the Fujifilm deal.

The Japanese company said it disagrees with Xerox's "unilateral decision" and doesn't think the US company has the legal right to ax the deal.

Fujifilm shares were trading 1.6% higher in Tokyo.

2. Trump's ZTE U-turn: President Donald Trump announced Sunday he is working to give China's sanctioned ZTE "a way to get back into business, fast."

It was a sudden and unexpected shift in the US stance at the start of an important week for trade ties between the world's top two economies. A second round of trade talks is due to begin on Tuesday.

The US Commerce Department banned the company from buying components from American firms last month, a move that prompted ZTE to declare that it was shutting down its major business operations.

3. Trade goes crypto: ING Bank and HSBC announced Sunday that they have conducted their first trade transaction using blockchain technology.

The two banks used Corda, a blockchain technology developed specifically for business, to finance a shipment of soya beans from Argentina to Malaysia for global commodities trader Cargill.

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4. Markets winning streak: The Dow Jones industrial average gained 0.4% on Friday, extending its winning streak to seven days -- the longest stretch of consecutive daily gains since November.

The S&P 500 was up 0.2% on Friday. The index added 2.4% in the week, its best weekly performance in two months. The Nasdaq was flat on Friday.

The gains could go on: US stock futures were pointing higher on Monday.

European markets opened lower, while stocks in Asian ended the session mixed.

US crude futures were 0.6% lower on Monday, trading at $70.30 per barrel. Recent sharp gains in crude prices are helping big oil stocks, but hurting drivers.

Gasoline prices are up 22% this year to a national average of $2.86 a gallon, according to AAA. Drivers in 10 states are already paying $3 or more.

5. Stock market movers: Shares in IWG, the parent company of office provider Regus, surged almost 20% in London on Monday, after the company revealed takeover offers from three separate companies.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:
Tuesday - Home Depot earnings; US-China trade talks; USTR hearing starts; US retail sales
Wednesday - Macy's earnings
Thursday - JCPenney, Nordstrom earnings
Friday - Campbell Soup earnings

California Coronavirus Cases

Data is updated nightly.

Cases: 3563578

Reported Deaths: 51953
CountyCasesDeaths
Los Angeles119089421328
Riverside2894503767
San Bernardino2862912816
Orange2610223904
San Diego2596413271
Santa Clara1104221777
Kern102627826
Fresno952021443
Sacramento931801472
Alameda804961241
Ventura77534844
San Joaquin665691101
Contra Costa62164674
Stanislaus56024946
Tulare47784758
Monterey42138328
San Mateo38922515
San Francisco34213410
Santa Barbara31763409
Solano30024164
Merced28915397
Sonoma28063298
Imperial26888591
Kings21951218
Placer19763232
San Luis Obispo19612227
Madera15436209
Santa Cruz14588183
Marin13136197
Yolo12816185
Shasta10972174
Butte10941160
El Dorado9095100
Napa901469
Sutter884597
San Benito575959
Yuba573336
Lassen560119
Tehama508152
Nevada395274
Tuolumne394659
Mendocino379643
Amador345741
Humboldt318033
Lake315341
Glenn222023
Colusa212813
Calaveras190547
Siskiyou174014
Inyo128737
Mono12114
Del Norte9875
Plumas6536
Modoc4524
Mariposa3957
Trinity3675
Sierra990
Alpine810
Unassigned00
Chico
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Chico
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Windy & sunny conditions continue Sunday with more sunshine next week. Next weekend there will be a chance for some showers.
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